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Coinbase has declared the delisting of multiple trading pairs effective today as part of its efforts to improve overall market conditions and streamline liquidity.
The prominent cryptocurrency exchange indicated that this recent decision follows its ongoing assessment of the markets on its platform.
Coinbase Delists 80 Non-USD Trading Pairs
In a statement released on October 17th, Coinbase announced the suspension of trading on 80 non-USD pairs for various supported assets across Coinbase Exchange, Advanced Trade, and Coinbase Prime.
The affected pairs include those involving cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), in addition to stablecoins like Tether (USDT), as well as conventional fiat currencies like the Euro.
Among the trading pairs affected are ACH-USDT, AGLD-USDT, ARPA-EUR, ARPA-USDT, AUCTION-EUR, AUCTION-USDT, BADGER-EUR, BADGER-USDT, BAND-BTC, BAND-EUR, BAND-GBP, BNT-BTC, BNT-EUR, BTRST-BTC, BTRST-EUR, BTRST-USDT, C98-USDT, CTSI-BTC, DESO-USDT, ELA-USDT, ERN-USDT, and others.
The recent withdrawal of trading pairs by Coinbase aligns with its previously stated intention to suspend specific markets in early October. The platform also emphasized that users can continue trading these markets within its “more liquid USD order books” utilizing their USDC balances.
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“Please note these markets make up an immaterial amount of Coinbase Exchange’s total trading volume.”
In mid-September, the exchange removed 41 non-USD market pairs, citing similar reasons. Importantly, none of the suspended markets included USDC, the stablecoin developed in partnership by Coinbase and Circle, despite the removal of several pairs containing USDT.
Even with the removal of various trading pairs, the exchange reinstated XRP following Ripple’s partial victory against the United States Securities and Exchange Commission (SEC).
Coinbase’s Trading Volume Declines
Increasing regulatory actions against competitor Binance may have allowed Coinbase to gain market share, yet its falling trading volume raises concerns.
Coinbase’s spot trading volume has experienced a 52% decrease in spot trading for the third quarter of 2023. This marks the lowest figure recorded since well before the company’s notable direct listing on the Nasdaq Stock Market in April 2021, which occurred just months prior to the market reaching its peak prices.
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